Singaporean Pleads Guilty to Largest Cryptocurrency Theft from a Private Individual in US History
World
Twenty-two-year-old Singaporean citizen Malone Lam has pleaded guilty in a case involving the theft of 4,100 bitcoins worth about $245 million. According to investigators, it is the largest cryptocurrency theft from a private individual in US history, and Lam faces up to 20 years in prison.
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Lam dropped out of school in Singapore at 14, came to the US as a tourist in 2023 and remained after his visa expired. Through social media and online gaming, he met other young hackers and formed an international group.
In August 2024, the group targeted a major investor from Washington. Posing as security employees from Google and cryptocurrency exchange Gemini, they persuaded the investor to install the AnyDesk remote-access program. After gaining access to his computer, the hackers transferred about 4,100 bitcoins from his accounts.
The stolen funds were used to finance a lavish lifestyle. Investigators said the group could spend up to $500,000 in a single night at nightclubs, bought more than 30 cars and a $2 million watch, as well as Hermès Birkin bags and expensive clothing. They also rented luxury homes in Los Angeles and Miami, travelled on private jets and hired personal security.
Lam was arrested by FBI agents in September 2024. Most of his associates have since been arrested, with charges filed against some of them. Eleven people have pleaded guilty, while two have already been sentenced to six years in prison. A total of 18 people from different countries are involved in the case.
In August 2024, the group targeted a major investor from Washington. Posing as security employees from Google and cryptocurrency exchange Gemini, they persuaded the investor to install the AnyDesk remote-access program. After gaining access to his computer, the hackers transferred about 4,100 bitcoins from his accounts.
The stolen funds were used to finance a lavish lifestyle. Investigators said the group could spend up to $500,000 in a single night at nightclubs, bought more than 30 cars and a $2 million watch, as well as Hermès Birkin bags and expensive clothing. They also rented luxury homes in Los Angeles and Miami, travelled on private jets and hired personal security.
Lam was arrested by FBI agents in September 2024. Most of his associates have since been arrested, with charges filed against some of them. Eleven people have pleaded guilty, while two have already been sentenced to six years in prison. A total of 18 people from different countries are involved in the case.
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